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Showing posts from January, 2017
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Builders predict big expansion in construction Construction of single-family homes is expected to gradually rise this year, as a growing economy, solid employment gains and rising household formation buoys builders' forecasts. Last year, the National Association of Home Builders projected 1.16 million total housing starts in 2016, which was up nearly 5 percent from the previous year. Now NAHB is forecasting a 10 percent increase in single-family production for 2017 and a 12 percent rise for 2018. Still, there will be pressing challenges as builders look to increase their supplies this year. "While positive developments on the demand side will support solid growth in the single-family housing sector in 2017, builders in many markets continue to face supply-side constraints led by the three Ls – lots, labor and lending," says NAHB chief economist Robert Dietz. Sixty-four percent of builders reported "low" or "very low" lot supplie